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Hello, Ron here. I am a 45yo novice trader. I am not new to trading but am new to getting serious about it. I have had some success in trading stocks and mutual funds over the years. I have also lost more than I care to admit a time or two. My biggest problem has been staying out of the market when I should have been in it.
Over the last 6 months I have been studying day trading. That has taken me to study etf's(TQQQ,SQQQ) to now in about the last month I have found the emini. I found this website the other day and am excited to talk with others like me that would like to learn but have no one to learn from.
I believe that everything I have learned and will learn in this life comes from others in some way or form. I learn best when learning from someone face to face. I will usually learn all I can from a number of people and take the best from each source to develop my system. With all the websites that promise the holy grail in trading it is hard to make any sense out of it.
With that said I am looking for someone to help and guide me in the right direction. I live in southeast Indiana which is 60 miles from Indianapolis, Louisville and Cincinnati. If anyone in the area would like to share their knowledge I would be most grateful.
Thank you in advance.
Can you help answer these questions from other members on NexusFi?
The forum is the best mentor you could ever possibly hope for.
Use the community to your advantage. Read all the items in my signature and start taking action yourself, don't wait for someone else to "show you", and don't pay for someone else to "teach you".
i think the same way mike does. good 'mentors' arnt going to flock to posts about people looking for mentors. just good solid collaboration with others is another form of mentoring where you dont even realize you are being mentored. that said, here is an article you might find useful:
1. I will have to learn and develop my own trading methods
2. If it is to good to be true, than it probably is. (one of life's main lessons, not just for trading)
3. Do not spend money for trading gurus.
4. the best help will come from forums and other less expensive methods of learning.
5. Many years of training will be necessary to become a successful trader.
6. Use simulation to develop a winning trading method.
7. Live trading will not be the same as simulation because emotions are involved.
My short plan moving forward
1. Continue to read this forum and ask questions like a new school kid.
2. Just became an elite member. This is the only money I will spend for education on trading. Everything else
I can get from the internet and this forum.
3. Spend at least 2 hours a day studying and training. I plan on spending at least 20 hours a week. This should be
a realistic goal.
4. I have down loaded Ninjatrader. Begin learning this software.
5. Look into automated trading. It appeals to me because I believe anytime we can take the emotions out
of anything we are better off.
Yes, a good start. My suggestion from here is that you really must start a journal. You can start a new thread in one of the journal sections on the forum, and then just write to it on any day where you work on your trading. That can be ideas/concepts, research, sim trades, whatever.
The purpose of the journal is to record what you were thinking at the time of those events (the reasons behind it, the logic). Then go back every now and then (for instance, each weekend read the last two weeks of posts) and study your journal. You will find patterns that emerge and that highlight your strengths and weaknesses.
Create an action plan on how to develop these strengths and curtail the weaknesses, and then start to measure yourself on achieving that.
The learning process will be long. Keep trading losses small and consider it a tuition expense, make sure you save the bulk of your money for down the road when you finally believe you have learned enough to constitute an edge. And be mindful in advance that you will feel that way dozens of times before it is actually true, so again, "budget" your money for funding appropriately.